Marvell Technology, Inc. (NASDAQ:MRVL – Get Rating) saw a large increase in short interest during the month of May. As of May 31st, there was short interest totalling 16,700,000 shares, an increase of 24.3% from the May 15th total of 13,440,000 shares. Based on an average daily volume of 9,950,000 shares, the days-to-cover ratio is currently 1.7 days.
Shares of MRVL stock opened at $45.04 on Friday. The company has a quick ratio of 1.13, a current ratio of 1.67 and a debt-to-equity ratio of 0.29. The firm has a market cap of $38.28 billion, a P/E ratio of -73.83, a PEG ratio of 1.74 and a beta of 1.27. The company has a 50 day moving average of $57.54 and a 200-day moving average of $69.15. Marvell Technology has a 12-month low of $44.33 and a 12-month high of $93.85.
Marvell Technology (NASDAQ:MRVL – Get Rating) last released its earnings results on Thursday, May 26th. The semiconductor company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.01. The business had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.43 billion. Marvell Technology had a positive return on equity of 6.92% and a negative net margin of 9.82%. The business’s revenue for the quarter was up 73.8% on a year-over-year basis. During the same period last year, the business posted $0.15 earnings per share. As a group, equities analysts expect that Marvell Technology will post 1.7 EPS for the current year.
A number of equities research analysts have commented on the company. TheStreet cut Marvell Technology from a “b-” rating to a “c” rating in a research note on Friday, March 4th. Rosenblatt Securities lifted their price target on shares of Marvell Technology from $120.00 to $125.00 and gave the company a “buy” rating in a research report on Friday, March 4th. Cowen lowered their price objective on shares of Marvell Technology from $100.00 to $85.00 and set an “outperform” rating on the stock in a report on Friday, May 27th. Barclays reduced their price objective on shares of Marvell Technology from $90.00 to $80.00 and set an “overweight” rating for the company in a report on Monday, April 25th. Finally, Morgan Stanley lowered their target price on shares of Marvell Technology from $68.00 to $62.00 and set an “equal weight” rating on the stock in a report on Friday, June 10th. One analyst has rated the stock with a sell rating, four have given a hold rating and twenty-five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $87.77.
In other Marvell Technology news, Director Ford Tamer sold 48,051 shares of Marvell Technology stock in a transaction that occurred on Tuesday, April 5th. The stock was sold at an average price of $71.61, for a total value of $3,440,932.11. Following the completion of the sale, the director now directly owns 331,083 shares in the company, valued at $23,708,853.63. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Loi Nguyen sold 1,512 shares of the business’s stock in a transaction that occurred on Thursday, June 2nd. The shares were sold at an average price of $60.00, for a total value of $90,720.00. Following the completion of the transaction, the executive vice president now directly owns 207,727 shares in the company, valued at $12,463,620. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 196,216 shares of company stock worth $12,651,253. Insiders own 0.45% of the company’s stock.
Several large investors have recently bought and sold shares of the business. MUFG Americas Holdings Corp increased its position in shares of Marvell Technology by 90.2% during the first quarter. MUFG Americas Holdings Corp now owns 369 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 175 shares during the period. SkyView Investment Advisors LLC purchased a new stake in Marvell Technology in the 4th quarter worth approximately $26,000. HM Payson & Co. lifted its stake in Marvell Technology by 52.5% in the 3rd quarter. HM Payson & Co. now owns 453 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 156 shares in the last quarter. Pittenger & Anderson Inc. bought a new position in Marvell Technology in the 4th quarter valued at $27,000. Finally, Covestor Ltd purchased a new position in shares of Marvell Technology during the 4th quarter valued at $28,000. Hedge funds and other institutional investors own 83.11% of the company’s stock.
About Marvell Technology (Get Rating)
Marvell Technology, Inc, together with its subsidiaries, designs, develops, and sells analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; ASIC; and printer System-on-a-Chip products and application processors.
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